When a seismic event shakes the Earth’s surface, damage can include building collapses, a loss of physical assets, fires or water damage from broken pipes. The 6.0 Bay Area earthquake that rocked California on August 24, 2014 caused about $6 to $10 billion in property damage, according to the U.S. Geological Survey. This figure doesn’t include the economic impact of business continuity and recovery efforts.
Handling Earthquake-Related Claims
Standard commercial insurance policies generally don’t cover earthquake damage unless you add an insurance rider that covers it. However, if you experience damage from a tremor, you still may be able to file a claim for subsequent damage.
If you experience any losses after an earthquake, it’s important to assess recovery-related costs and business interruption-related losses immediately with the help of a public insurance claim adjuster. Do not handle the claim by yourself.
The Role of Public Insurance Adjusters after an Earthquake
The goal of public adjusters is to ensure that your business does not become an earthquake victim. At Commercial Claim Pro, we’ll help maximize your insurance claim and walk you through every step of the process—from preparing and filing paperwork to ensuring that you receive the professional services to which you are entitled.
Our public insurance adjusters will help you with several claim-related considerations, including:
- Hiring the right experts inspect the damage and evaluate losses
- Navigating large insurance deductibles
- Your insurance company’s history of handling earthquake-related claims
- How other types of damage (i.e., water or fire) or concurrent causation may affect your claim
- Business interruption claims
- The role of coinsurance, if applicable
- Your insurance agent’s role
- Working with a forensic accountant, if applicable
- The difference between a schedule of values and a schedule of coverages
- Claim negotiations
The insurance industry has a complicated legal landscape that you do not have to navigate on your own. From assessing the damage that your company suffered to negotiating on your behalf, having someone look out for your best interests allows you to focus on rebuilding after an earthquake. Contact Commercial Claim Pro today to learn how we’ll empower you throughout the claims process.